Good news is that WiFi Teather does work well, if phone is rooted, and the app is setup correctly.

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Verizon does not (rather, has not in the past) blocked tethering apps in the Play Store, in this case it is a known issue with the Rezound on the new ICS software and FoxFi pulled the compatibility for the Rezound temporarily until they can figure out why it doesn't work, because it should. Once it is fixed they will set the compatibility flag again and all will be good.